Bitcoin Forum

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Tyler Winklevoss wrote very interesting article called 'The Case for $500K Bitcoin' explaining why he thinks Bitcoin can go this high.
I liked his comparison and boom from no telephones to smartphones, and all the problems with US dollar, oil and gold.
With recent news about higher inflation, this 500k scenario is surely not some fantasy but more real then ever.
https://winklevosscapital.com/the-case-for-500k-bitcoin/

so far my guess about the next peak of the bitcoin price bubble has been $400k and that was based on the previous performances, the way adoption has been growing, the institutional investment growth and the positive change in many countries' stance towards bitcoin.
but if i were to factor in the devaluation of US dollar as outlined by this article then $400k seems like a small rise and we may even end up seeing a much higher value even higher than $500k that the article suggests. specially if a global bitcoin panic buy starts. keep in mind that 6 digits price for something scarce that keeps growing will change the minds of millions of individuals who have been ignoring bitcoin all this time despite its growth so far.
dare i mention $1 million for this cycle?

nonetheless i am sure this cycle's major bull run will be the most interesting so far.

I have decide to start taking profit from 60k bitcoin to whatever height it wants to climb , will even take my money when dumping. I consider the ability to make $1000-10000 daily as it pumps to decide when to get into stable coin. Most of this prediction are distraction to trap some people in the bull run. If you wait for 400k in this market you might have to struggle to sell at 40k. Greediness in this market needs to be properly managed before one become victim.

It should be clear by now that the USdollar is just paper. People are getting that the game is rigged since its inception: a monetary system which is inflated at whim will be beaten by a monetary system based on game theory, economic incentives and controlled supply.
A case for $500K USD per BTC is possible not just because Bitcoin is far superior but probably due to the fact that the USD will depreciate over time.
 

I think $500,000 & even upwards of that is very possible but we may have to wait for the next bull cycle for those heights. $500,000 maybe in 2025 or something, I don’t think the peak of this cycle will be as high, maybe $150,000 in late 2021.

Can't wait to see this.
But it really need to take some time before we will see this.
Anything is really possible with Bitcoin, especially in term of price. We also experienced this when Bitcoin is around 2 digits price only, until become more than $100, and up until now.
USD will stay and Bitcoin too if ever we will reach $500,000 or more.

It's a possibility because so far I think we really haven't seen the greatest demand for Bitcoin.

Does having a major capitulation scenario especially in a bear market may affect the possibility of it? I know somehow it's between 2020 or 2021 we'll see another bull run but the question is if wee see something happen like that again like 80% down in 2018 will it affect the health to get that point or not?

The bulk of the article contained arguments against the USD as a store of value, with little on oil and gold which were only criticised in hindsight; as an effect of what could possibly happen in the future. This suggests that they think fiat is the most flawed system as a store of value.

I was more interested in the piece about oil. I come from a nation who's primary source of revenue is crude oil. With the world moving fast towards more safe and renewable sources of power, it's a strong argument that oil would not be as valuable in the distant future, the more people realize this, the earlier a switch can happen, drawing the crash closer.
The supply spike argument for gold is a bit vague, it's possible as studies has shown, but efficient space exploration would still take some years.
Also, a crash in gold or oil doesn't translate to a switch to Bitcoin. While Bitcoin and gold are usually juxtaposed, investors are not limited to these options. If the USD fails, we would likely see the legal tender of another nation emerge as the widely used source of reserve.

To the prediction. Any price is possible for an asset such as Bitcoin with a limited supply. $500,000 is a realistic figure, the question is when that price would be reached?

He is partially right about the future of the US dollar and oil.However,I can't agree with his 500K USD Bitcoin price prediction.The moment Bitcoin becomes really bullish,all the crypto traders,investors and risk seekers will jump on the altcoin wagon,instead of buying and HODLing Bitcoins.
When the Bitcoin price explodes to the moon,all the government officials and central bankers will start with the "Bitcoin is a bubble,do not buy!" type of FUD,which will eventually stop the bullish trend.
Those two factors make me believe that Bitcoin will never reach 500K USD and it doesn't matter how weak is the US dollar and how obsolete oil will be after 20 years.

The scenario is very possible but it would take many years to reach that level. After all, as long as we live, there's hope. But this price tag is still very far from horizon so I don't think there's benefit of discussing it right now. Though if someone is looking for long term like maybe 10 years, and can afford to invest in bitcoin in spite of its volatility and other unforeseeable circumstances, then maybe he can use this as inspirational source but not something as basis of his personal decision.

Interesting, yes, but does it make me think any different about the price of Bitcoin? Not really. I mean the problem with economics like this is you can always predict and use any theory to back up your prediction but the market proves again and again that people react irrationally. And no more so than in Bitcoin.

Nice dream to have but I would never give it a serious thought.

The Winklevoss twins have a popular history towards tech-related ideas. The comparison that they've made against gold and oil is for real and based on facts. We should've expected them to be bullish as ever as the twin are considered the whale celebrities in the crypto sphere.

As for the prediction of $500,000 we have read this first with the first prediction of McAfee which turned to be a joke for many. Too high to think of it but it's just another prediction. Every holder has its own price target and I guess if bitcoin hits $50k-$100k that would be the turnover and selling point of most or even $20k. So, it's going to be a struggle for each individual to see and able to sell if ever $500k comes into reality.

$ 500k per bitcoin ?? The real thing is that if you look at it this year maybe $ 200k is the best. but the peak of this will still be seen in the foreseeable future, we can try to see if the price of this bitcoin might touch the $ 500k forecast but it's just that bitcoin growth must be consistent and not easily decline

We won’t see anything close to $200,000 this year. It’s possible next year once the reduction of newly mined coins finally has an effect on the market (it usually takes quite a while after the halving to start pumping properly).   

Everything is just a possibility and based on probability until it happens and later becomes a past.
$500k for bitcoin is an achievable price since we have seen bitcoin growing from scratch to $20k.
One might have never expected bitcoin to cross $10k in the early 2000s but shit did become real.
Personally I would just be optimistic about bitcoin and hold it as long as possible.

Look at the world right now still fighting over the pandemic.. Almost all countrys economy are falling. Where does the fact you see bitcoin could reach $500k  per bitcoin? This kind of speculation are just rubbish. Expert say thing that doesnt even logic at all. Its just making newbies fall in to cryptos market and start buying bitcoin just to think bitcoin could bull up to $500k. Get some real life. Its just a fantasy..

I like that he explains in detail how much money was printed and how big of a debt the USA now has. A friend of mine believes that while this all is true, the USD is still so needed and respected in the world that the US will be just fine even after so much printing and with a big debt. At least, Winklevoss states that it's hard to predict whether it will be okay or not because such things never happened. As for Bitcoin, he's right about all of the features it has, but I don't think the world is ready to switch from gold to it, especially boosting the price 45x anytime soon.

My fingers are crossed and I hoping it truly is an interesting cycle in a positive way. Depending on how long 'this' cycle lasts Fidelity predicted 1M by 2029  ;)

Now I can see more people agreeing to Winklevoss' speculation that the price will be $500K. I guess the previous explanation that BTC will be $100K is not acceptable. I guess that person is just talking out his ass without having a visual aid of comparing BTC and Gold.  ;D

The printing of money today though is really going to make the price go up but I hope the prices of the commodities will not go up as well. If today we can already buy a good nice car with $20k, i hope its price will still be $20k by the time covid19 is controlled.

is funny, now they want to replace the guy who said he would eat his dick on TV (yes I know everyone must already be remembering who I'm talking about)? In my opinion Winklevoss is doing this absurd price forecast because they want people to buy a lot of bitcoin for the price to increase a lot, they went to talk about this forecast just now that the price was almost falling below $11000 and in my opinion this was not conscience

This is a long term outlook, which is good. If that price happened too quickly, that would mean there is hyperinflation going on, and that's bad, for most people. Something bad for most people might lead to bad things, like wars.

It would probably be better for all of us if that 500K price came after at least 10 years of rise (not continuous rise, as that's unlikely, but with ups and downs).

As an aside, the article is signed by "Cameron + Tyler", not just Tyler.

Despite my love for crypto I still think reaching USD 500k is a pipe dream unless the USD gets heavily devaluated. However I felt similarly when the Winklevii predicted a USD 30k Bitcoin in 2013(ish) so maybe I'm just relatively bearish for a Bitcoiner.

Interesting read, overall. I also like that gold's proneness to counterfeit work is mentioned. It may not seem especially noteworthy, but with Bitcoin you can easily verify that what you receive is the real thing. With gold you have to highly trust your counterparty. And if it turns out that you've been duped, good luck proving that your counterparty was the one defrauding you.

Good to read and hope to reach that levels. For practicality we would be happy even if bitcoin reaches 50k by 2021-year end and slowly and stable just keep moving ahead and most important thing is that it should be accepted across the globe. Not like few countries keep banning it and some remains uncertain this restricts more users to the bitcoin community to expand.

Thinks?

Nope, wishes.

What a shill

Predictions are not bad as long as they have basis to their claims while checking also the possibility. If they Tyler thinks that bitcoin can reach to 500K$ then I am not against to it as long as he will predict it to the right time like it will happen 10-20 years from now because if his prediction will be in less than 5 years then this prediction has a very low chances of getting right.

it is always hard to imagine price reaching 4000% higher than the current price. we had the same feeling a couple of years ago when price was around $500 and some people were predicting the 5 digits prices while could never believe it would enter a 4 digit price let alone reach $20k.
maybe we don't reach $500k but the next high price will definitely be higher than $100k.

They've been consistently and quietly bullish all along. Nothing has changed. They wouldn't have bothered building Gemini if they didn't have a deep rooted belief in it and a desire to uplift it, they could've just sat back on their holdings.

Where we're at now is still comparative chump change. If and when it gets to six figures that's when the truly gargantuan pockets start to pay attention and they're the ones who move markets. So far it's been LARPing compared to that.

If someone's expectations can't wrap themselves around that scale then someone will be along shortly to buy it off them who does.

So far the idea that Bitcoin is a hedge against inflation is pure theory. There's no practical evidence for it. And Bitcoin has other factors that affect its price, the biggest being pure speculation, and this factor is so big that you can't strongly tie Bitcoin to any big events.

Here's the recent example. (https://www.coindesk.com/liveblog-jerome-powell-fed-speech) The US announced that they will allow inflation to raise above the previous target, Bitcoin got a small bump, then lost it all minutes later.

It is possible to happen, but it will take a really long while before it comes to realization. Current peak of this term/cycle suggests that we might see $100k on most predictions, and that’s being too hard on the factors already. The thing is, in order for the gears to start and the momentum to build-up, the world has to take its part for this to happen. We’re not talking about mere billions here but rather trillions, and where would the money come? Even with a huge assist from fake volumes and other illegal trading practices, we would still need a lot of money to push higher. It’s possible, yes, but current economic situation tells us that this is not yet the time for another ATH.